Bitcoin Price Analysis –Bitcoin Still Struggles Under $9000 Following 6% Increase, Will Bulls Overcome This Crucial Resistance?

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3 March 2020 | Updated: 3 March 2020

• A new bullish rally would be confirmed once Bitcoin reclaims the $9000 price level
• Bitcoin now held support at $8450 after seeing a notable increase over the past hours

Over the past few hours, Bitcoin saw a small recovery of about 6% from the three-week low of $8450. After nearing $9000 yesterday, Bitcoin dropped to where it’s currently testing support ($8770). We may see a bounce back shortly to $9000 and above. The market cap is increasing again, we can expect BTC price to rise if volume continues to flow into the market.

Key resistance levels: $9000, $9200
Key support levels: $8750, $8450

Bitcoin (BTC) Price Analysis: 4H – Bullish

Bitcoin is slowly bouncing back on the 4-hours chart, and at the same time forming a bullish head-and-shoulders pattern to signal a potential price increase. Though, Bitcoin is selling to the right shoulder at the moment. If the market resumes buy, we can expect BTC to hit the grey area of $9200.

BTCUSD, 4H Chart -March 3

However, the $9000 price level remains an important resistance for the next bullish phase. As predicted in our previous crypto trading signals, Bitcoin has climbed back in the descending channel to show that bulls are stepping back in the market. In case the price drops back beneath $8750, the next level of support would be $8450 – where the head is pinned at.

Bitcoin (BTC) Price Analysis: Hourly Chart – Bullish

The latest price increase was followed by a clean breakout above the white regression line that formed from February 27. This breakout took Bitcoin near $9000 before the price was rejected. The price is now sitting at support. If sellers exhaust momentum in this green demand area of $8750, Bitcoin would buy-back to $9000 in the grey area.

BTCUSD, Hourly Chart -March 3

A break above this area would allow more buying to the next grey resistance area of $9200. It may even increase if buyers keep pushing higher. On the other hand, if the $8750 fails to suppress selling, the closest support to watch out for is $8600 and $8450 support levels. Bitcoin is starting a fresh bullish phase on the hourly, but there’s a need for a break above $900 before we can confirm this setup.

BITCOIN BUY ORDER

Buy: $8756
TP: $9000
SL: $8400

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Michael Fasogbon

Michael Fasogbon is a professional Forex trader and cryptocurrency technical analyst with over five years of trading experience. Years back, he became passionate about blockchain technology and cryptocurrency through his sister and has since been following the market wave.